Where can I get a car loan with bad credit and no money?

PFC Private RallyPoint Member — Mon, 17 Aug 2015 02:13:58 -0400

I'm going thru a divorce, my soon to be ex wife took everything , my money my turck literally left me with nothing . Is there anybody with info on where I can get a loan for a new vehicle. I have no credit or bad credit at that and I'm in need of a vehicle

Response by CSM Michael J. Uhlig made Aug 17 at 2015 2:20 AM

CSM Michael J. Uhlig — Mon, 17 Aug 2015 02:20:24 -0400

I recommend balancing needs versus wants....I have been there, my first marriage ended in divorce, I was awarded my uniforms and my weight bench - that's it! DO you "want" a NEW VEHICLE or "need" one? Would a bicycle work? Could a $300 car work (that'll be the payment for a new car anyway...get some financial advice before jumping into a $15 - $20,000 hasty decision.

Response by CPT Private RallyPoint Member made Aug 17 at 2015 2:39 AM

CPT Private RallyPoint Member — Mon, 17 Aug 2015 02:39:51 -0400

This is how a safety brief starts. I am just saying that I was a PFC a long time ago. I didn't have a car for for about two years after I joined the Army. As it has been said I really didn't need it. I did bum a lot of reads but I just didn't have the money for it. As a PFC you would really be losing a good portion of your check to a car and insurance. I would really think about alternatives.

Response by SFC Private RallyPoint Member made Aug 17 at 2015 2:46 AM

SFC Private RallyPoint Member — Mon, 17 Aug 2015 02:46:50 -0400

PFC Private RallyPoint Member,

As CSM Uhlig stated, you're going to have to take a hard look at what you actually need. Your best option would be to save up a little cash and pick up a beater from the lemon lot on post to get you back and forth from the barracks to work. If you want a slightly better beater then secure a small ($3,000) personal loan from the credit union, and get that thing paid off ricky tick. You're not going to be impressing anybody with your ride, but it'll help re-establish your credit and get you from point A to B. I don't know if you're mechanically savvy, but you can save a fortune on repairs at the on post hobby shop. It's a skill worth having.

Unfortunately without any credit or bad credit, a new car is going to cost you an arm and a leg in interest.

Response by CPL Eric Allen made Aug 17 at 2015 4:43 AM

CPL Eric Allen — Mon, 17 Aug 2015 04:43:07 -0400

Save your money don't go after those really good looking payments. But if you need a car try MILES program that's where I got mine paid it off in 3 years

Response by SCPO David Lockwood made Aug 17 at 2015 6:17 AM

SCPO David Lockwood — Mon, 17 Aug 2015 06:17:15 -0400

Try Navy Federal, as long as you have an account and direct deposit, you can have them take the payements out of your direct deposit.

Response by SSgt Private RallyPoint Member made Aug 17 at 2015 7:35 AM

SSgt Private RallyPoint Member — Mon, 17 Aug 2015 07:35:14 -0400

I agree with what CPT Private RallyPoint Member the allure of a new car is almost like a rite of passage. But that could go two ways. You can get a new car and be cash poor or you could an education now while you save your money.

Alternatively, you could go out and buy a lemon (I did, a TR-7) and it was like in the movie 'Christine', the car was cool when it ran and parts were out of this world if you can find them. Even if you buy a used car you can always have it broken and you are still without a ride. So do the smart thing and realize most used car dealers are stealers, suckering a young and ambitious kid out of a whole money while the car becoming a nightmare.

Response by SFC Nikhil Kumra made Aug 17 at 2015 7:50 AM

SFC Nikhil Kumra — Mon, 17 Aug 2015 07:50:01 -0400

Worst thing you could do right now is go in debt. Get a $100 bike, get your stuff together... THEN take step 5... you're at step 0 at the moment.

Response by SGT Private RallyPoint Member made Aug 17 at 2015 7:54 AM

SGT Private RallyPoint Member — Mon, 17 Aug 2015 07:54:26 -0400

I would try a credit union. If you bank with one, apply with them. If they won't lend you, I would wait until you can buy a car cash or put a substantial down payment.
Don't just sign up for any loan offer. You're gonna hurt your self more than you are already

Response by SGT Ben Keen made Aug 17 at 2015 8:33 AM

SGT Ben Keen — Mon, 17 Aug 2015 08:33:31 -0400

PFC Private RallyPoint Member - You've gotten some great advice from some great leaders on here such as CSM Michael J. Uhlig. I know from personal experience that a lot of what you are going through is from just the sheer frustration of the divorce; they aren't easy that's for sure. I just echo the advise already given. Figure out your needs/wants. Look at your situation and evaluate what you must have compared to what you want. Right now, while in Korea, you really don't need a car. Use the time there to save up for a car and other things like any household goods you may need upon your return to the states. Lastly, take a deep breath. I know the situation looks bad right now but as long as you maintain a level head and clear thoughts, you'll be okay. Trust me, I been there too.

Response by SPC Robert Patrick made Aug 17 at 2015 8:37 AM

SPC Robert Patrick — Mon, 17 Aug 2015 08:37:56 -0400

PFC Mark Von Nordeck, I will agree with CSM Uhlig balance needs vs wants. Now if you are adamant on getting a new car go to the PX on Camp Humphries and go talk to the people there about the exchange program. It did that at my first assignment. You can set up an allotment based on what you can afford and start saving for a down payment on a car. They will help set you up with a car loan as well and they will do what they can to get you a decent APR. I would advised that since you are going through a divorce right now that you wait though and maybe wait till you get state side to get a used car that will get you from point a to point b.

Response by MAJ(P) Private RallyPoint Member made Aug 17 at 2015 9:04 AM

MAJ(P) Private RallyPoint Member — Mon, 17 Aug 2015 09:04:31 -0400

I had a PFC once who was in a similar predicament. However, he was married. His wife and him both worked on the same part of Fort Benning and decided rather than spending money on a car, they would just take a taxi. He worked out a deal with a local taxi driver to take them both back and forth from work for around what the cost of gas and insurance would gave been for them. They realized the savings on car payment was much better in the long run than the convenience of having a car. Just a thought, maybe it is applicable, maybe it is not.

Response by SCPO Private RallyPoint Member made Aug 17 at 2015 9:43 AM

SCPO Private RallyPoint Member — Mon, 17 Aug 2015 09:43:46 -0400

Are you a member of USAA? They HELP their members.

Response by SSG Private RallyPoint Member made Aug 17 at 2015 10:09 AM

SSG Private RallyPoint Member — Mon, 17 Aug 2015 10:09:06 -0400

PFC Private RallyPoint Member ,

I would avoid those Pay Day Loan places like the plague. They charge more interest than a credit card, and you'd be in a worse position then before.

Response by SSG Private RallyPoint Member made Aug 17 at 2015 11:00 AM

SSG Private RallyPoint Member — Mon, 17 Aug 2015 11:00:07 -0400

You might have some luck at a Buy Here Pay Here dealership off post.

They plague the area and aren't overly terrible. Do what I did, get a cheap car that works for what you need and pay it off. It'll help your credit, a little. But it's not too bad.

Response by LCDR Private RallyPoint Member made Aug 17 at 2015 11:01 AM

LCDR Private RallyPoint Member — Mon, 17 Aug 2015 11:01:35 -0400

PFC Nordeck-First of all, my condolences for the divorce; tough row to hoe for anyone. My advice is to play it on the safe side and avoid any debt you can. If you can pool with someone and put aside a couple grand, get a "beater" and start re-building your financial life. Wasn't due to divorce, but I've been stuck "hitchin' a ride" with a shipmate before...things come together faster than you think.

Response by SSgt Private RallyPoint Member made Aug 17 at 2015 11:28 AM

SSgt Private RallyPoint Member — Mon, 17 Aug 2015 11:28:25 -0400

I would definitely suggest getting a lower end cheap vehicle if you really need one. Obviously make sure it runs, and is reliable enough to get to work and back. It probably wont be capable of a road trip, but your trying to get out of debt so shouldn't be going on one anyway. Do not get something brand new and expensive until your back on your feet.

About 8 or 9 years ago, I was in tremendous debt and needed a vehicle. The base lemon lot had one that I liked, and was cheap. Got a signature loan from the bank for $2,000 with no credit and no money, just proof of income. I drove that car for nearly 2 years before it broke down. By that point I was back on my feet and had paid off most of my debt, so was able to get a higher quality used vehicle that I am still driving today.

With bad credit/no credit, trying to get a newer vehicle from a dealership is going to be a hassle, and your interest rate is going to be horrible. Avoid it if at all possible to prevent yourself from getting even further in debt.

Response by SFC Joseph Weber made Aug 17 at 2015 11:37 AM

SFC Joseph Weber — Mon, 17 Aug 2015 11:37:10 -0400

To your parents.

Response by SPC David S. made Aug 17 at 2015 1:33 PM

SPC David S. — Mon, 17 Aug 2015 13:33:46 -0400

I see you're in S.K. - Buy a Daelim or Hyosung scooter and save you money.

Response by SGT Roberto Mendoza-Diaz made Aug 17 at 2015 7:41 PM

SGT Roberto Mendoza-Diaz — Mon, 17 Aug 2015 19:41:04 -0400

Sorry to say but you don't need a vehicle while in Korea. You should save money and get a Star Card to start building your credit.

Response by CSM Charles Hayden made Mar 11 at 2018 9:55 PM

CSM Charles Hayden — Sun, 11 Mar 2018 21:55:56 -0400

Great you are reaching out! Check: DAVE RAMSEY.com for solutions!

Response by Capt Tom Brown made Mar 11 at 2018 11:00 PM

Capt Tom Brown — Sun, 11 Mar 2018 23:00:13 -0400

How come you need a vehicle? Can you get by without one until you can save up some money or otherwise stabilize your financial situation? Everyone has their unique situation.

Response by CPT Jack Durish made Mar 11 at 2018 11:27 PM

CPT Jack Durish — Sun, 11 Mar 2018 23:27:04 -0400

Been there and it ain't easy. Now take it slow and easy. Think about how commitments have treated you recently before you jump into another. You have received some good advice here so far. Use it...

Response by SFC Christopher Taggart made Mar 11 at 2018 11:33 PM

SFC Christopher Taggart — Sun, 11 Mar 2018 23:33:00 -0400

Really good advice from the commentators listed below...listen to the "heavy-hitters."

Response by SGT Aric Lier made Mar 11 at 2018 11:33 PM

SGT Aric Lier — Sun, 11 Mar 2018 23:33:46 -0400

I have a 2015 charger I'd make you a great deal on.....seriously though if stateside go buy a 500 car if you can go overseas go!!! you won't need one.

Response by SGT Private RallyPoint Member made Mar 11 at 2018 11:40 PM

SGT Private RallyPoint Member — Sun, 11 Mar 2018 23:40:08 -0400

I've been there and wondered too. The good thing, now you can live in the barracks where,
* You don't need a vehicle to get to work
* Your food is free
* You have a place to sleep for free
* You don't have to pay for utilities
*You don't need credit, only good work
* You don't need a wife
Take life as it is, you'll get all those things once again, just don't be in a hurry, you'll make it.
"It's your life, Take care of It, Salute!"

Response by PO1 Mary Vermont made Mar 12 at 2018 12:29 PM

PO1 Mary Vermont — Mon, 12 Mar 2018 12:29:34 -0400

Guve Dave Ramsy a call. He’s the best when it comes to finicial advice

Response by SPC Bryan Richardson made Mar 14 at 2018 10:49 AM

SPC Bryan Richardson — Wed, 14 Mar 2018 10:49:15 -0400

Drive time, JD buy Ryder. With places like this expect to pay more for the car and longer than normal. However get your credit straight because having extreme indebtedness can cause loss of security clearance or UCMJ action.

Response by COL Private RallyPoint Member made Mar 14 at 2018 10:03 PM

COL Private RallyPoint Member — Wed, 14 Mar 2018 22:03:39 -0400

Any car dealership just outside of post! Or you can try Service Credit Union. The best rates and get something you can afford. Had a kid in a unit buy a used Porsche. Worked great for about six months then it broke down and sat in the parking lot for at least a year.

Response by SFC Michael Hasbun made Mar 14 at 2018 10:51 PM

SFC Michael Hasbun — Wed, 14 Mar 2018 22:51:34 -0400

Pretty much any car dealership within 20 miles of a military installation. I'm certain they have new Mustangs they'd love to sell you for no money down and only 32% interest.